Kennametal upgraded at UBS as downside thesis has played out

UBS upgraded Kennametal (KMT) to Neutral from Sell with a price target of $21, up from $19. The firm doesn’t see an immediate downside catalyst following two years of negative organic growth and guidance calling for a third, the analyst tells investors in a research note. The firm also says that the macro risk seems more balanced compared to the last 2-3 years.